West Milford board specifies how trust fund money will be spent

An ordinance amending regulations for allocation of money in the Open Space, Recreation, and Farmland and Historic Preservation Trust Fund was adopted by the Township of West Milford on Wednesday. The fund is financed by $0.02 per $100 of assessed valuation of each annual tax levy commencing with the current year.

The fund is also permitted to accept donations and testamentary bequests. The funds accumulated within the trust fund may be used only for acquisition of lands for recreation and conservation purposes and the payment of debt service on indebtedness issued or incurred by the township for the purpose of acquisition of lands for recreation and conservation purposes.

For funds collected beginning Jan. 1, 2014, allocations are as follows: At least 33.33 percent of open space trust funds are for the acquisition of properties and improvements to lands acquired for recreation purposes, at the discretion of the township council.

Up to 33.33 percent of open space trust fund monies can be used for the improvement of lands acquired for conservation of historic preservation purposes, at the discretion of the Township Council. Land acquired by the township using revenue raised pursuant to this tax authorization is to be held in trust and used exclusively for the purpose authorized by law.

The local governing body may change the spending allocation for a given calendar year, but this decision needs approval by all five council members. The amended ordinance was introduced before the Council on Feb. 2.